New contracts boost Penfold Buscombe

According to Penfold Buscomb chief financial officer David Wiggins, secrecy shrouds the identity of these customers, but he insists that on board are a number of significant corporate identities.

“We’re unable to reveal who the contracts are from or which industries they are from, but they are major corporations spanning a number of different markets,” says Wiggins. “There are several multi-million contracts that have been signed. Each contract is worth more than $1million.”

The recent company restructuring which has seen the amalgamating of its NSW operations under the one roof in Alexandria, Sydney, around a new 10-colour Heidelberg Speedmaster. Wiggins believes that the recent contact signings should put rest to the speculation that this amalgamation was going to be detrimental to the company, stating that this, along with the company’s marketing efforts, are behind the recent success.

“We’re always actively in the market seeking such contracts. Also, our position as the largest sheetfed printer also means that the customers come to us. So it is a combination of market position and our marketing efforts,” says Wiggins. “We will continue to seek contracts of this nature and we currently have a number of opportunities that we are currently investigating.”

Penfold Buscombe chairman Ian Elliot agrees with Wiggins’ assessment, stating that the company is looking towards an upturn in its fortunes for this financial year.

“Our decision to consolidate the three Sydney printing sites into one mega site, delivering the benefits of scale with personalised service, is proving to be a compelling offer for clients. We’re cautiously optimistic of the future opportunities,” says Elliot.
However, Wiggins also admits that the recent changes in the company have not sat well with investors, saying that this factor, among other, has been behind the company’s lacklustre performance on the stock market.

“There are a couple of factors. Firstly, our business has gone through a lot of changes over the last couple of years since the merger, and has culminated recently in the bringing together of our NSW operations under the one roof,” says Wiggins.

“Secondly, trading conditions, not just in the print industry but across a number of industries has been difficult. Also, we’ve had a fairly narrow shareholder base over the years, which hasn’t helped. Hopefully as we continue to move forward, the market will see the value in our stocks.”

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